General Principles

Participants may place their orders in hourly and/or block orders for a particular time period within the scope of the Intraday Market. Orders comprise quantity and price information which may vary for different times.

• All prices have a precision of 2 (two) decimal points
• All orders will be given in Turkish Lira(s). (TL/MWh)
• Orders are placed in the form of TL/MWh.
• Orders are placed in Lot(s) in whole numbers. 1 Lot is equivalent to 0.1 MWh.

Order status are classified as the following:

• Active: an order which has not been matched and is waiting on the order book.
• Passive: an order which has been inactivated and can be reactivated by the user. Orders in the Passive status cannot be traded.
• Cancelled: an order which has been cancelled by the user or the market operator due to order type i.e. Immediate or Cancel (IoC), Fill or Kill (FoK), Fixed Time. Cancelled orders cannot be reactivated.
• Expired: an order which has not been matched until the predefined expiration time. Expired orders will be deemed void and taken out of the list of other active orders.
• Matched: an order which has been matched under given conditions.
• Partially Matched: an hourly order where the original volume has been partially matched. Unmatched volume will remain open until gate closure. When a Partially Matched order is updated, previously placed order will be cancelled and a new order will be placed. Depending on the changes made upon an order, the following conditions will emerge in regard to the matter of priority:
  • De-prioritization:
    • Order price changes (increase or decrease)
    • Order volume increases
    • Order status changed from Passive to Active
  • No change in priority:
    • Order volume decreases
• Unmatched orders can be updated, cancelled or rendered inactive until 60 minutes before the physical delivery. Participants can change volume, price and status of the order.

Participants will be shown the best hourly and block orders (ask & bid) pertaining to contracts on the order book. All orders related to a particular contract will be accessed from the `Order Depth` screen.

There is no limit to the number of orders a participant can place for a trade period.

Minimum Ask/Bid price for the Intraday Market is set to be 0 (zero) TL.

Orders will be placed by authorized users of the participant companies on behalf of their organizations.

• Authorized users of the participant companies can place new orders, view orders that might previously be placed by different users from the same organization and update orders.
• As for the matching, latest updates on orders will be taken into consideration.

Hourly Orders

Hourly orders are considered to be traded as divisible orders i.e. they can be matched partially or as a whole.

Users can select one of the following 3 order types for placing hourly orders:

• Active order: It is the default order type. Placed orders will wait to be matched until 60 minutes before the physical delivery. In the meantime:
  • Unless the order matches, system will change the order status to Expired and it will be taken out of the list of other active orders.
  • If the order matches as a whole, system will change the order status to Matched and it will immediately be taken out of the list of other active orders.
  • If the order matches partially, system will change the order status to Matched and matched part will be taken out of the list of other active orders, remaining part will keep waiting to be matched.

• Immediate or Cancel (IoC): This order type will not be queued for matching. If this order is placed and is:
  • Matched with awaiting order on the list, order status will change to matched
  • Partially matched, remaining part will be cancelled
  • Not matched, order will be cancelled and will not be processed any further
• Expiration time: If this type of order is selected, participant will be asked to input the duration that the order will be available for matching. This duration can only be designated until 60 minutes before the physical delivery.
• Fill or Kill (FoK): This order type will not be queued for matching. When FoK is in place, order will not match partially. If the entire volume of the order does not match, it will be cancelled immediately and cannot be processed any further.

Hourly order is in the form of PH14012018 and consists of the following:

• PH: Power Hour
• 14: Year 2014
• 01: Month 01 i.e. January
• 20: Day 20
• 18: Hour 6 pm

Block Order

Block orders are not divisible therefore they can only be traded as a whole.

Each block order is either accepted for the total time period of contract or declined.

Block orders will be placed for a minimum of 1 and a maximum of 24 hour(s).

Block orders cannot include the hours of 2 different of days.

Users can select one of the following 2 order types for placing block orders:

• Active order: It is the default order type. Placed orders will wait to be matched until 60 minutes before the physical delivery. In the meantime:
  • Unless the order matches, system will change the order status to Expired and it will be taken out of the list of other active orders.
  • If the order matches, system will change the order status to Matched and it will immediately be taken out of the list of other active orders.
• Expiration time: If this type of order is selected, participant will be asked to input the duration that the order will be available for matching. This duration can only be designated until 60 minutes before the physical delivery.

Block order is in the form of PB14012019-04 and consists of the following:

• PB: Power Block
• 14: Year 2014
• 01: Month 01 i.e. January
• 20: Day 20
• 19: Block start time 7 pm
• 04: Duration of the order i.e. 4 hours